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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-35638
WSFS FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-2866913
(State or other jurisdiction of Incorporation or organization)(I.R.S. Employer Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (302) 792-6000
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x  Accelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

Number of shares outstanding of the issuer's common stock, as of the latest practicable date: 64,676,475 shares as of May 2, 2022.



WSFS FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 PART I. Financial InformationPage
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, and exhibits hereto, contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to:
difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the markets in which the Company operates and in which its loans are concentrated, including possible declines in housing markets, an increase in unemployment levels, interest rates, supply chain issues and inflation, and slowdowns in economic growth, including as a result of the novel coronavirus and its variants (COVID-19) pandemic;
possible additional loan losses and impairment of the collectability of loans;
the economic and financial impact of federal, state and local emergency orders, vaccine mandates and other actions taken in response to the COVID-19 pandemic;
the continuation of these conditions related to the COVID-19 pandemic, including whether due to a resurgence or additional waves of COVID-19 infections or variants thereof, particularly as the geographic areas in which we operate continue to re-open, and how quickly and to what extent normal economic and operating conditions can resume, and the potential waning of vaccine effectiveness or effects of low vaccination rates;
the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs and complying with government-imposed foreclosure moratoriums;
changes in market interest rates, which may increase funding costs and reduce earning asset yields and thus reduce margin;
the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of the Company’s investment securities portfolio;
the credit risk associated with the substantial amount of commercial real estate, construction and land development and commercial and industrial loans in the Company's loan portfolio;
the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations;
the Company’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms;
possible changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations, and the uncertainty of the short- and long-term impacts of such changes;
any impairments of the Company's goodwill or other intangible assets;
conditions in the financial markets, including the destabilized economic environment caused by the COVID-19 pandemic, the changing interest rate environment and inflation, that may limit the Company’s access to additional funding to meet its liquidity needs;
the discontinued publication of London Inter-Bank Offered Rate (LIBOR) and the transition to an alternative reference interest rate, such as the Secured Overnight Financing Rate (SOFR), including methodologies for calculating the rate that are different from the LIBOR methodology and changed language for existing and new floating or adjustable rate contracts;
the success of the Company's growth plans, including its plans to grow the commercial small business leasing, residential, small business and Small Business Administration (SBA) portfolios and wealth management business following its recent acquisition of Bryn Mawr Bank Corporation (BMBC or Bryn Mawr Trust);
the Company’s ability to successfully integrate and fully realize the cost savings and other benefits of its acquisitions, manage risks related to business disruption following those acquisitions, and post-acquisition Customer acceptance of the Company’s products and services and related Customer disintermediation, including its recent acquisition of BMBC (the BMBC Merger);
negative perceptions or publicity with respect to the Company generally and, in particular, the Company’s trust and wealth management business;
failure of the financial and operational controls of the Company’s Cash Connect® division;
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adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings;
the Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties;
system failures or cybersecurity incidents or other breaches of the Company’s network security, particularly given widespread remote working arrangements;
the Company’s ability to recruit and retain key Associates;
the effects of problems encountered by other financial institutions that adversely affect the Company or the banking industry generally;
the effects of weather, including climate change, and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability, armed conflicts, public health crises and man-made disasters including terrorist attacks;
the effects of regional or national civil unrest (including any resulting branch or ATM closures or damage);
additional credit, fraud and litigation risks associated with our PPP lending activities;
possible changes in the speed of loan prepayments by the Company’s Customers and loan origination or sales volumes;
possible changes in the speed of prepayments of mortgage-backed securities (MBS) due to changes in the interest rate environment and the related acceleration of premium amortization on prepayments in the event that prepayments accelerate;
regulatory limits on the Company’s ability to receive dividends from its subsidiaries and pay dividends to its stockholders;
any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and
other risks and uncertainties, including those discussed herein under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission (SEC) from time to time.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

As used in this Quarterly Report on Form 10-Q, the terms “WSFS”, “the Company”, “registrant”, “we”, “us”, and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

The following are registered trademarks of the Company: Bryn Mawr Trust®, Cash Connect®, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS Mortgage® and WSFS Wealth® Investments. Any other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended March 31,
(Dollars in thousands, except per share and share data)20222021
Interest income:
Interest and fees on loans and leases$118,881 $108,852 
Interest on mortgage-backed securities23,113 10,704 
Interest and dividends on investment securities:
Taxable702 701 
Tax-exempt619 748 
Other interest income822 276 
144,137 121,281 
Interest expense:
Interest on deposits3,128 4,496 
Interest on Federal Home Loan Bank advances 5 
Interest on senior and subordinated debt1,929 2,266 
Interest on trust preferred borrowings513 324 
Interest on other borrowings9 5 
5,579 7,096 
Net interest income138,558 114,185 
Provision for (recovery of) credit losses18,971 (20,160)
Net interest income after provision for (recovery of) credit losses119,587 134,345 
Noninterest income:
Credit/debit card and ATM income7,681 6,805 
Investment management and fiduciary income30,181 14,253 
Deposit service charges5,825 5,460 
Mortgage banking activities, net2,898 8,600 
Loan and lease fee income1,334 3,485 
Securities gains, net 329 
Unrealized loss on equity investments, net(3) 
Bank owned life insurance income105 205 
Other income12,553 8,685 
60,574 47,822 
Noninterest expense:
Salaries, benefits and other compensation70,930 53,138 
Occupancy expense10,792 8,460 
Equipment expense10,373 7,391 
Data processing and operations expenses5,359 3,385 
Professional fees3,451 3,856 
Marketing expense1,266 992 
FDIC expenses1,391 1,069 
Loan workout and other credit costs328 1,120 
Corporate development expense34,038 2,095 
Restructuring expense17,514 (265)
Other operating expense19,015 14,378 
174,457 95,619 
Income before taxes5,704 86,548 
Income tax provision1,737 21,407 
Net income$3,967 $65,141 
Less: Net income attributable to noncontrolling interest163 59 
Net income attributable to WSFS$3,804 $65,082 
Earnings per share:
Basic$0.06 $1.37 
Diluted$0.06 $1.36 
Weighted average shares of common stock outstanding:
Basic64,942,593 47,509,205 
Diluted65,127,000 47,792,108 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended March 31,
(Dollars in thousands)20222021
Net income $3,967 $65,141 
Less: Net income attributable to noncontrolling interest163 59 
Net income attributable to WSFS3,804 65,082 
Other comprehensive (loss) income:
Net change in unrealized (losses) on investment securities available-for-sale
Net unrealized losses arising during the period, net of tax (benefit) of $(87,132) and $(21,972), respectively
(275,918)(69,589)
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $0 and $79, respectively
 (250)
(275,918)(69,839)
Net change in securities held-to-maturity
Amortization of unrealized gain on securities reclassified to held-to-maturity, net of tax expense of $9 and $5, respectively
(28)(16)
Net change in unfunded pension liability
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax benefit of $9 and $5, respectively
(27)(16)
(27)(16)
Net change in cash flow hedge
Net unrealized gain arising during the period, net of tax expense of $ and $ , respectively
1  
Amortization of unrealized gain on terminated cash flow hedges, net of tax benefit of $13 and $35, respectively
(40)(111)
(39)(111)
Net change in equity method investments
Net change in other comprehensive income of equity method investments, net of tax expense of $ and $86, respectively
 273 
Total other comprehensive loss(276,012)(69,709)
Total comprehensive loss$(272,208)$(4,627)
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share and share data)March 31, 2022December 31, 2021
Assets:
Cash and due from banks$1,784,460 $1,046,992 
Cash in non-owned ATMs490,784 480,527 
Interest-bearing deposits in other banks including collateral (restricted cash) of $7,160 at March 31, 2022 and $5,050 at December 31, 2021
8,525 5,420 
Total cash, cash equivalents, and restricted cash2,283,769 1,532,939 
Investment securities, available-for-sale (amortized cost of $5,903,550 at March 31, 2022 and $5,249,882 at December 31, 2021
5,495,929 5,205,311 
Investment securities, held-to-maturity, net of allowance for credit losses of $4 at March 31, 2022 and $4 at December 31, 2021 (fair value $85,754 at March 31, 2022 and $94,131 at December 31, 2021)
84,898 90,642 
Other investments13,651 10,518 
Loans, held for sale at fair value70,617 113,349 
Loans and leases, net of allowance for credit losses of $136,330 at March 31, 2022 and $94,507 at December 31, 2021
11,197,482 7,791,482 
Bank owned life insurance100,364 33,099 
Stock in Federal Home Loan Bank (FHLB) of Pittsburgh at cost8,804 6,073 
Other real estate owned1,818 2,320 
Accrued interest receivable53,241 41,596 
Premises and equipment122,722 87,295 
Goodwill887,165 472,828 
Intangible assets145,024 74,403 
Other assets499,190 315,472 
Total assets$20,964,674 $15,777,327 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$6,638,890 $4,565,143 
Interest-bearing10,984,654 8,674,919 
Total deposits17,623,544 13,240,062 
FHLB advances  
Trust preferred borrowings90,295 67,011 
Senior and subordinated debt248,488 147,939 
Other borrowed funds33,619 24,527 
Accrued interest payable5,258 736 
Other liabilities445,653 360,036 
Total liabilities18,446,857 13,840,311 
Stockholders’ Equity:
Common stock $0.01 par value, 90,000,000 shares authorized; issued 75,832,292 at March 31, 2022 and 57,695,676 at December 31, 2021
758 577 
Capital in excess of par value1,967,972 1,058,997 
Accumulated other comprehensive loss(313,780)(37,768)
Retained earnings1,219,882 1,224,614 
Treasury stock at cost, 11,097,424 shares at March 31, 2022 and 10,086,936 shares at December 31, 2021
(354,369)(307,321)
Total stockholders’ equity of WSFS2,520,463 1,939,099 
Noncontrolling interest(2,646)(2,083)
Total stockholders' equity2,517,817 1,937,016 
Total liabilities and stockholders' equity$20,964,674 $15,777,327 

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended March 31, 2022
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive LossRetained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202157,695,676 $577 $1,058,997 $(37,768)$1,224,614 $(307,321)$1,939,099 $(2,083)$1,937,016 
Net income    3,804  3,804 163 3,967 
Other comprehensive loss   (276,012)  (276,012) (276,012)
Cash dividend, $0.13 per share
    (8,536) (8,536) (8,536)
Contributions from noncontrolling shareholders       187 187 
Issuance of common stock including proceeds from exercise of common stock options19,768  428    428  428 
Shares issued in acquisitions18,116,848 181 907,835    908,016  908,016 
Noncontrolling interest assumed in acquisition       (913)(913)
Stock-based compensation expense  1,334    1,334  1,334 
Repurchases of common stock (1)
  (622)  (47,048)(47,670) (47,670)
Balance, March 31, 202275,832,292 $758 $1,967,972 $(313,780)$1,219,882 $(354,369)$2,520,463 $(2,646)$2,517,817 
(1)Repurchase of common stock includes 938,985 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors, and 3,430 shares withheld to cover tax liabilities.

Three Months Ended March 31, 2021
(Dollars in thousands, except per share and share amounts)SharesCommon StockCapital in Excess of Par ValueAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Stockholders' Equity of WSFSNon-controlling InterestTotal Stockholders' Equity
Balance, December 31, 202057,575,783 $576 $1,053,022 $56,007 $977,414 $(295,293)$1,791,726 $(2,246)$1,789,480 
Net income— — — — 65,082 — 65,082 59 65,141 
Other comprehensive loss— — — (69,709)— — (69,709)— (69,709)
Cash dividend, $0.12 per share
— — — — (5,699)— (5,699)— (5,699)
Issuance of common stock including proceeds from exercise of common stock options13,547  115 — — — 115 — 115 
Stock-based compensation expense— — 1,155 — — — 1,155 — 1,155 
Repurchases of common shares (1)
— — (1)— — (12,028)(12,029)— (12,029)
Balance, March 31, 202157,589,330 $576 $1,054,291 $(13,702)$1,036,797 $(307,321)$1,770,641 $(2,187)$1,768,454 
(1)Repurchase of common stock includes 267,309 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors and 20 shares withheld to cover tax liabilities.


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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WSFS FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
(Dollars in thousands)20222021
Operating activities:
Net income$3,967 $65,141 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recovery of) credit losses18,971 (20,160)
Depreciation of premises and equipment, net11,062 3,090 
Accretion of fees and discounts, net(1,642)(16,472)
Amortization of intangible assets3,963 2,651 
Amortization of right of use lease asset7,664 3,100 
Decrease in operating lease liability(5,030)(4,113)
Income from mortgage banking activities, net(2,898)(8,600)
Gain on sale of securities, net (329)
Loss on sale of other real estate owned and valuation adjustments, net(54)(45)
Stock-based compensation expense1,334 1,155 
Unrealized loss on equity investments, net3  
Deferred income tax (benefit) expense(7,952)11,052 
(Increase) decrease in accrued interest receivable(944)1,176 
Decrease in other assets41,368 1,569 
Origination of loans held for sale(174,612)(246,127)
Proceeds from sales of loans held for sale190,520 275,181 
Increase (decrease) in value of bank owned life insurance260 (204)
Increase in capitalized interest, net(569)(911)
Increase in accrued interest payable1,280 2,703 
Decrease in other liabilities(28,500)(207)
Net cash provided by operating activities$58,191 $69,650 
Investing activities:
Repayments, maturities and calls of investment securities held-to-maturity5,875 8,030 
Sale of investment securities available-for-sale 9,332 
Purchases of investment securities available-for-sale(805,798)(748,317)
Repayments, maturities and calls of investment securities available-for-sale649,279 185,002 
Proceeds from bank-owned life insurance death benefit1,437  
Net decrease in loans120,204 536,272 
Net cash from business combinations573,745  
Purchase of loans held-for-investment(55,544)(54,978)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh1 265 
Sales of other real estate owned450 1,148 
Investment in premises and equipment(1,647)(1,270)
Sales of premises and equipment 427 
Net cash provided by (used in) investing activities$488,002 $(64,089)
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Three Months Ended March 31,
(Dollars in thousands)20222021
Financing activities:
Net increase in demand and saving deposits$281,843 $646,348 
Decrease in time deposits(39,367)(64,861)
Increase (decrease) in brokered deposits17,752 (153,386)
Repayments of FHLB advances (6,623)
Contribution from noncontrolling shareholders187  
Cash dividend(8,536)(5,699)
Issuance of common stock including proceeds from exercise of common stock options428